Selbyville, Delaware, Oct. 22, 2018 (GLOBE NEWSWIRE) --
Mining Equipment Market size will see 6%+ CAGR of shipments to hit US$95 billion by 2024, according to a new growth analysis report by Global Market Insights, Inc., that shows increasing investments in developing innovative and smart solutions as one of the major growth drivers. Rising health & safety concerns about the workers are propelling the adoption of automated solutions in the mining equipment market. Several countries including the U.S., Germany, and France are developing machine safety regulations for the safety of the industrial laborers.
Manufacturers are targeting the demand of the operators by integrating several smart technologies such as advanced monitoring and control, data analytics, automated drilling, IoT sensing, GPS locating, and 3D imaging technology. The imaging technique helps in scanning and exploring large mines while the laser scanning technology is experiencing a high adoption in the mining machinery market to develop geological maps combining the surface data.
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Drills & breakers are experiencing a high adoption in the mining equipment market with an increase in surface and underground extraction activities. The application of rotary blasthole drills for coal and metal mining processes is growing rapidly. Manufacturers in the market are developing customized solutions based on the specifications of the companies. The Asia Pacific region is witnessing a high adoption of these solutions owing to the favorable policies regarding the export of metals and minerals. Countries including India, China, and Australia are among the largest coal producing economies of the world.
The underground mining equipment market is expected to grow at a CAGR of over 6% over the forecast timeline owing to the rise in demand for the metals and minerals in several industrial sectors. The demand and consumption of metals in the manufacturing sector for the development of tools, machines, and other accessories, which are utilized in the processing of industrial products are growing at a rapid pace. This demand is met by developing machines with advanced technologies to perform underground extraction operations, thereby driving the mining machinery market. The adoption of plasma technology in underground equipment for yielding precious metals such as silver, gold, and platinum from their complex ores is expected to revolutionize the market.
Browse key industry insights spread across 180 pages with 240 market data tables & 37 figures & charts from the report, “Mining Equipment Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
In 2017, the Europe mining machinery market accounted for around 15% of the industry share. The rise in the demand for metals in the construction & manufacturing of industrial products is driving the market growth. Germany and France are the leading countries in automobile manufacturing and production. Manufacturing of these products requires several metals such as steel, aluminum, and iron, generating a high demand for the metal extraction processes. Players in the market are engaged in providing machines to cater to such demands. The region is also active in coal production activities and is expected to generate a high demand for underground and surface equipment in the coal extraction process.
Key players participating in the mining machinery market are Atlas Copco AB, Komatsu Ltd., Metso Corporation, Techint Group, Joy Global, Inc, Hitachi Co., Ltd., Doosan Group, Liebherr Group, AB Volvo, Astec Industries Incorporated, Sandvik AB, Bradken Limited, China Coal Energy Company Limited, Bell Equipment Limited, CNH Industrial NV, Hyundai Heavy Industries Company Limited, Corum Group, Kopex SA, Caterpillar, Inc., Terex Corporation, Wirtgen Group Holding GmbH, and RCR Tomlinson Limited, among others. The players in the mining equipment market are focusing on the integration of smart solutions into their offerings, enhancing the performance, productivity, and efficiency of the extraction process. They are supplying products primarily to the government sector.
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Increasing demand for coal in power generation, steel production, and cement manufacturing is driving the adoption of modern extraction solutions. With a rise in the global population, the consumption of coal is increasing rapidly, providing an opportunity to the players to cater to the widespread demand in the mining machinery market. Countries that are primarily engaged in coal production include Ukraine, Colombia, South Africa, Indonesia, and Australia. These countries are the largest coal-producing economies with an abundant supply of natural resources. Factors such as improved geological knowledge and the adoption of smart technology are accelerating the mineral exploration process. The ease in availability and affordable prices of these machines are encouraging companies to replace their conventional models with advanced machines, thereby providing an impetus to the mining equipment market growth.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.